Government urged to step in as housebuilders struggle to revive first-time buyer market amid cooling housing market.
Jennie Daly, CEO of Taylor Wimpey, has called on the government to announce additional support for first-time buyers, warning that the absence of direct support schemes in March marked a "very long shadow" over the property market.
Daly warned against an accumulation of regulations, which could make it unviable for builders to construct new homes in poorer areas, particularly with the impending changes to green measures.
The government's previous Help-to-Buy programme, which provided 20% loans for new-build homes, mostly benefited first-time buyers but was criticized for boosting housebuilders' profits and driving up prices. Daly suggested introducing an equity loan that would allow first-time buyers to access mortgages with lower interest rates.
This move could help achieve the government's ambitious target of constructing 1.5 million homes in five years. However, with rising expectations of interest rate cuts in December, Daly remains cautiously optimistic about the outlook for the market.
The housing market has cooled significantly since the expiry of the stamp duty holiday, and Taylor Wimpey's sales have decreased in recent months. The industry is waiting anxiously for the government's "Future Homes Standard" expected to be unveiled in December, which will outline new regulations on energy efficiency and sustainability.
Daly warned about the cost of these regulations, stating that excessive measures could lead to higher build costs and limit access to new-build homes in lower-priced areas. The high cost of complying with energy efficiency rules may discourage builders from targeting poorer regions, where affordability is a significant issue.
The government has denied plans for a new Help-to-Buy scheme, but Daly's call for more support highlights the ongoing need for measures to help first-time buyers navigate the market.
Jennie Daly, CEO of Taylor Wimpey, has called on the government to announce additional support for first-time buyers, warning that the absence of direct support schemes in March marked a "very long shadow" over the property market.
Daly warned against an accumulation of regulations, which could make it unviable for builders to construct new homes in poorer areas, particularly with the impending changes to green measures.
The government's previous Help-to-Buy programme, which provided 20% loans for new-build homes, mostly benefited first-time buyers but was criticized for boosting housebuilders' profits and driving up prices. Daly suggested introducing an equity loan that would allow first-time buyers to access mortgages with lower interest rates.
This move could help achieve the government's ambitious target of constructing 1.5 million homes in five years. However, with rising expectations of interest rate cuts in December, Daly remains cautiously optimistic about the outlook for the market.
The housing market has cooled significantly since the expiry of the stamp duty holiday, and Taylor Wimpey's sales have decreased in recent months. The industry is waiting anxiously for the government's "Future Homes Standard" expected to be unveiled in December, which will outline new regulations on energy efficiency and sustainability.
Daly warned about the cost of these regulations, stating that excessive measures could lead to higher build costs and limit access to new-build homes in lower-priced areas. The high cost of complying with energy efficiency rules may discourage builders from targeting poorer regions, where affordability is a significant issue.
The government has denied plans for a new Help-to-Buy scheme, but Daly's call for more support highlights the ongoing need for measures to help first-time buyers navigate the market.
20% loans were a game changer 4 first-timers but now we're stuck w/ nothin. Daly's got a point about equity loans 2 bring down interest rates & make it more affordable. can't let reg's scare off builders from buildin in poorer areas, that's just not right. 
. It's not just about buying a house, it's about building a life and creating opportunities for their families. The fact that builders are being priced out of poorer areas is just ridiculous 
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. A 20% loan scheme like in the past would be a great start, but let's be realistic, it might not be enough to stem the tide of rising prices and interest rates 
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. We can't keep relying on handouts and subsidies, we need real investment in the industry 
. And let's not forget about the environmental impact – energy efficiency regulations might be a good thing, but if they're too burdensome it could just push builders out of poorer areas 
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. On one hand, they want to support first-time buyers and get those 1.5 million homes built, which is a great goal. But on the other hand, too much regulation could stifle builders from building in areas that really need it 
. I'd love to see something like an equity loan that would help lower interest rates for first-timers... that sounds like a solid middle ground 
. It's not about helping builders make more profits, but making sure everyone has access to affordable housing 
. Maybe the gov can find a way to balance those two things?
. I mean, we all know how hard it is to get on the property ladder these days, and if there aren't direct support schemes in place, it's gonna be even tougher.
I mean, we're already dealing with rising interest rates and whatnot. But at the same time, if it could help achieve those 1.5 million homes in five years, I'm all for it.
. Like, excessive measures could lead to higher build costs and limit access to new-build homes in lower-priced areas. That's a pretty big deal, you know? I mean, we're already struggling to get more affordable housing out there... if that's what happens, it's gonna be a real problem.
. Fingers crossed they come up with some decent solutions for first-time buyers! 
but then we thought, no way, we need to own a home! So we've been trying for ages, but it feels like every door we try is shut in our face 
. The prices are insane and the interest rates are through the roof 
. The government needs to do something, stat! 
. Now Daly wants gov to announce new equity loan & lower interest rates... sounds good on paper but we're talking about builders being cautious, like what's the real plan here? 
they need to step in and offer some real help to first-time buyers ASAP! its not like they're asking for much, just a bit of financial support to get them on the property ladder. and please dont even get me started on these new "green measures" 
im all for being eco-friendly but if it means i cant afford a house in my local area then whats the point? 
. The government needs to step in with some serious support, like an equity loan or something 
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It feels like the government is making things harder for builders to construct new homes in areas where people need them most. We need a balance between progress and affordability 
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. The future of our communities depends on it 
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Builders are struggling to meet demand and yet there's still a lack of support for first-time buyers. It's like they're stuck in neutral 
. The government needs to get back on track and provide some much-needed assistance. Without it, prices will continue to rise and those who can't afford homes will be left behind 
. It'd help them access lower interest rates and maybe even hit that 1.5 million homes target 
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